I agree on the 10-year. We might get Fed Funds above 5%, but the market won't expect that to continue for 10 years. (Mathematically, the 10-year yield should eq

I agree on the 10-year. We might get Fed Funds above 5%, but the market won't expect that to continue for 10 years. (Mathematically, the 10-year yield should equal the expected average Fed Funds rate over the next ten years). I disagree that valuations have been crushed. You qualified that with a "relatively". We're lower than at the peak of the bubble of course but Shiller PE is still 30, higher than any time other than the dot-com bubble and the current bubble. Private equity firms will choose not to write down the value of their assets, but the actual transactable prices will probably drop further than public stocks.